Social Security Recipients Get Cost Of Living Boost

WASHINGTON (AP) — The Social Security Administration projects a 3.6% cost-of-living adjustment for older adults and people with disabilities starting in 2027. Some recipients say it won’t offset rising prices. This adjustment means $75 extra per month for the nearly 72 million Social Security beneficiaries and about 7.3 million Supplemental Security Income recipients. Inflation continues to pressure household budgets and savings, and some older Americans feel the increase isn’t enough. The Social Security Administration faces a looming bankruptcy date if a funding shortfall isn’t addressed by Congress. Lawmakers have proposed measures to replenish the trust funds, including lifting the payroll tax cap to generate substantial revenue.